Student Loan Rate Legislation Gaining Momentum

Students

Student Loan Rate Legislation Gaining Momentum

Student Loan Rate Legislation Gaining Momentum

A bill that was recently proposed at the federal level would extend current rules that keep the interest rates on federally-issued student loans at their current low levels is gaining a significant amount of support in Congress. The latest federal lawmaker to come out in favor of this legislation is New York Senator Charles Schumer,… Read More

Debt Confessions of a Former Priest

Managing Debt

Debt Confessions of a Former Priest

Debt Confessions of a Former Priest

True confession! I am about to share with you a part of my life that I am not proud of, but it’s a story that needs to be shared. Most of you don’t know it, but for 18½ years I served as a Roman Catholic priest. In 2001, I left the priesthood in excellent standing… Read More

Are Credit Scores On the Rise?

Credit Score

Are Credit Scores On the Rise?

Are Credit Scores On the Rise?

A recent FICO survey finds that lenders are predicting fewer delinquencies on mortgages, small business loans, autos and credit cards. If those predictions prove to be accurate, then consumers’ credit scores may also continue to improve. The survey, conducted for FICO by the Professional Risk Managers’ International Association (PRMIA), found fewer lenders expecting a rise… Read More

Debt Diva: Keeping on Budget When Chaos Hits

Managing Debt

Debt Diva: Keeping on Budget When Chaos Hits

Debt Diva: Keeping on Budget When Chaos Hits

I’m facing budget challenges in these times of the streamlined workforce. I have been working 10-12 hours a day, including weekends and taking work home. We are short on professional staff; a 5-day a week/8-hour day would not dent the work. Our executive level staff is new and I need to be available to respond… Read More

Auto Loans Paid Before Credit Cards, Mortgages

Managing Debt

Auto Loans Paid Before Credit Cards, Mortgages

Auto Loans Paid Before Credit Cards, Mortgages

In recent months, a number of studies have shown that consumers are prioritizing their credit card payments ahead of those on their home loans, but it seems that another type of credit is becoming even more important to borrowers. These days, consumers are putting more effort into making sure their auto loan bills are paid… Read More

CFPB’s New Guidelines for Mortgage Servicing

Mortgages

CFPB’s New Guidelines for Mortgage Servicing

CFPB’s New Guidelines for Mortgage Servicing

The Consumer Financial Protection Bureau will formally introduce a number of proposed rules for the mortgage servicing industry later this summer, aiming to have them finalized by January of next year, according to a report from the new watchdog agency. Oftentimes, consumers don’t even have the option of choosing their own mortgage servicer, as the… Read More

Consumers Paying Credit Card Debt Instead of Mortgages

Managing Debt

Consumers Paying Credit Card Debt Instead of Mortgages

Consumers Paying Credit Card Debt Instead of Mortgages

During and immediately following the recent recession, many consumers worried more about paying their credit card bills on time, instead of their mortgages. Now some indicators reveal that trend may be rearing its head again. The latest Credit Risk Index from the credit monitoring bureau TransUnion recently found that consumer credit risk rose at the… Read More

Mortgage Lending Standards Tightening Up

Mortgages

Mortgage Lending Standards Tightening Up

Mortgage Lending Standards Tightening Up

Consumers who are trying to obtain a home loan these days, regardless of whether it’s backed by the federal government, will likely have a hard time doing so unless they have sterling credit scores and the ability to make significant down payments. New data from the tech firm Ellie Mae shows that the average credit… Read More

Experts Still Worried About Student Loan Debt

Students

Experts Still Worried About Student Loan Debt

Experts Still Worried About Student Loan Debt

In recent months, the amount of money being borrowed by consumers has grown considerably, and is now approaching pre-recession levels in some cases. As the effects of the recent recession continue to wane, the nation has seen upticks in consumer credit usage, which some experts say may be an indicator that consumers are once again… Read More

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